Virtus ETF Advisers LLC acquired a new position in Norbord Inc (NYSE:OSB) in the second quarter, HoldingsChannel reports. The institutional investor acquired 96,305 shares of the construction company’s stock, valued at approximately $2,387,000.
A number of other institutional investors have also added to or reduced their stakes in OSB. CIBC Asset Management Inc boosted its holdings in Norbord by 30.7% in the first quarter. CIBC Asset Management Inc now owns 37,093 shares of the construction company’s stock worth $1,022,000 after purchasing an additional 8,708 shares during the period. TD Asset Management Inc. boosted its holdings in Norbord by 21.1% in the first quarter. TD Asset Management Inc. now owns 806,301 shares of the construction company’s stock worth $22,222,000 after purchasing an additional 140,535 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in Norbord in the first quarter worth $3,189,000. Freestone Capital Holdings LLC boosted its holdings in Norbord by 74.7% in the first quarter. Freestone Capital Holdings LLC now owns 208,638 shares of the construction company’s stock worth $5,748,000 after purchasing an additional 89,244 shares during the period. Finally, Pictet Asset Management Ltd. boosted its holdings in Norbord by 13.3% in the first quarter. Pictet Asset Management Ltd. now owns 720,784 shares of the construction company’s stock worth $19,866,000 after purchasing an additional 84,467 shares during the period. 78.45% of the stock is owned by hedge funds and other institutional investors.
OSB has been the subject of a number of research reports. Royal Bank of Canada reaffirmed an “average” rating and issued a $40.00 price objective on shares of Norbord in a report on Tuesday, July 9th. TheStreet downgraded shares of Norbord from a “b-” rating to a “c+” rating in a report on Tuesday, June 11th. BMO Capital Markets raised shares of Norbord from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $26.00 to $28.00 in a report on Friday, June 14th. Raymond James reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Norbord in a report on Tuesday, July 16th. Finally, ValuEngine raised shares of Norbord from a “hold” rating to a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. Norbord presently has an average rating of “Buy” and a consensus price target of $34.33.
Shares of OSB traded down $0.63 during midday trading on Friday, hitting $24.46. 10,807 shares of the stock traded hands, compared to its average volume of 137,362. Norbord Inc has a 1-year low of $19.46 and a 1-year high of $42.23. The firm has a market capitalization of $2.02 billion, a PE ratio of 5.19 and a beta of 2.01. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.14 and a current ratio of 1.64. The business’s 50 day moving average price is $23.00 and its two-hundred day moving average price is $24.03.
Norbord (NYSE:OSB) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.01. Norbord had a net margin of 4.31% and a return on equity of 16.27%. The company had revenue of $447.00 million during the quarter, compared to the consensus estimate of $466.51 million. During the same quarter in the previous year, the company posted $1.92 earnings per share. The company’s revenue for the quarter was down 36.8% compared to the same quarter last year. As a group, equities research analysts forecast that Norbord Inc will post 0.81 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, August 30th will be issued a dividend of $0.303 per share. This is an increase from Norbord’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, August 29th. This represents a $1.21 annualized dividend and a dividend yield of 4.96%. Norbord’s payout ratio is 25.42%.
Norbord Inc manufactures and sells wood-based panels for retail chains, contractor supply yards, and industrial manufacturers primarily in North America and Europe. The company offers oriented strand boards for use in sheathing, flooring, and roofing in home construction applications; particleboards that are used in flooring and other construction applications; and medium density fiberboards for use in cabinet doors, mouldings, and interior wall paneling applications, as well as related value-added products for use in the construction of new homes, and renovation and repair of existing structures.
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